• China, Germany, Malaysia, Singapore, Taiwan, Vietnam on monitoring list
  • Vietnam added back to the list after current account surplus exceeded threshold
  • Switzerland and South Korea removed from monitoring list
  • China remains on monitoring list due to lack of transparency around exchange rate policy and large surplus with US
  • Estimates that intervention to strengthen yuan was not strong enough to exceed criteria during monitoring period

I have long maintained that if Switzerland wasn't named a manipulator during the period when it was openly manipulating EUR/CHF at 1.20, then no one will be.